In the past 30 days, Binance's trading volume was 10% higher than Nasdaq, twice that of the New York Stock Exchange, 16 times that of CoinBase, and about 50% of the global CEX trading volume.
➤ Binance’s victory
Seeing this set of data, some friends may disagree, thinking that Binance faces the global market while Nasdaq, NYSE and Coinbase face the global market.
In fact, the size of the crypto market is much smaller than that of the U.S. stock market. Looking at the comparative data, we can see how beautifully Binance has won.
Although Binance faces the global market, it also faces global competition.
The market size of Binance platform is far smaller than that of US stocks, and the asset size of Binance platform is far smaller than that of Nasdaq stocks.
But Binance’s trading volume can still surpass Nasdaq and other cryptocurrency exchanges.
- How active is the Binance exchange market?
Naske's $28 trillion stock had a monthly trading volume of $3,260,144,408,303, equivalent to a monthly asset activity rate of 0.000116.
Binance’s $0.16 trillion in cryptocurrencies had a monthly trading volume of $3,506,436,644,835, which translates to a monthly asset activity rate of 0.022.
In the past 24 hours, Binance's spot trading volume was approximately US$40.7 billion, accounting for 26.74% of the contract trading volume (US$111.5 billion).
To be conservative, Binance spot trading volume accounts for 30% of total trading volume.
This means that the monthly activity rate of Binance’s spot assets is approximately 0.0066.
This is not only because of the speculative nature of the crypto market. The second reason is that Binance has launched relatively high-quality crypto assets, and its asset data is more real (0.16 trillion is a very real data, but 3.37 trillion is a bit exaggerated. The project party issues some tokens and then locks them in the address, which can inflate the market value)
The third reason is that Binance’s investment and trading products, such as Launchpool and order-leading platforms, have promoted user trading activity.
The fourth reason is what @ai_9684xtpa said. Binance has launched some popular MEME coins, such as#ACT#PNUT, which are more market-oriented and community-oriented, and are more in line with market sentiment and trading needs.
❚ Data source and calculation (if you are not interested, you can skip it)
- Market asset size
According to siblisresearch data, the total market value of U.S. stocks will be 55.25 trillion U.S. dollars on June 30, 2024.
(Data source: https://nasdaq.com/market-activity/etf/btf/historical…)
The S&P 500 index has risen 14.74% so far. Based on this increase, the total market value of U.S. stocks is now approximately US$63.39 trillion.
According to coinmarketcap, the total market value of cryptocurrencies is only 3.37 trillion, accounting for only 5.31% of the total market value of U.S. stocks.
- Platform asset scale
According to a data report from statista (https://statista.com/statistics/1277195/nyse-nasdaq-comparison-market-capitalization-listed-companies/…), the market value of Nasdaq-listed companies will be approximately US$25 trillion in March 2024. From March 2024 to date, the Nasdaq index has risen by 13.8%. According to this increase, the total market value of Nasdaq stocks is approximately US$28 trillion.
The size of Binance platform assets is based on on-chain storage proof, sourced from DeFillama.
Monthly transaction volume comes from on-chain data analysis expert @ai_9684xtpa:
https://x.com/ai_9684xtpa/status/1860163583839211984…
➤ Crypto wins
@ai_9684xtpa’s original text believes that the growth in Binance’s trading volume stems from a change in attitude towards meme Binance, which is one of the reasons.
Another reason is that with the growth of the BTC ETF and Trump’s victory in the election, market confidence in cryptocurrencies is increasing.
According to the coinmarketcap crypto market value decomposition chart, it can be seen that after the US election on November 5, the market value of BTC, ETH, altcoins and even stablecoins have all grown significantly.
However, rather than saying that Trump has brought benefits to the crypto market, it is better to say that the powerful force of the crypto market has made Trump choose to support this emerging industry.
Brother Feng has analyzed before that Trump won the election, and the crypto-friendly states among the swing states gave Trump more support.
Finally, an important point needs to be added: Nasdaq's trading volume also includes the trading volume of Bitcoin and Ethereum ETF products.
The trading volume of IBIT of Belle on Nasdaq increased sharply on November 4. Note that the figure shows the trading volume of ETFs, not the trading volume in US dollars.
All these show that Binance's trading volume exceeds that of Nasdaq, which is a victory for Binance and crypto.
Encryption defeats tradition, community defeats VC, perhaps this is one of the themes of this round of bull market.
